Topic: Chinese miners rejecting transactions from the US? - page 8. (Read 7738 times)
this is never going to happen i don't care what anybody else says but it is not possible because people all over the world are going to be screwed if mining pools start doing that because you have no way of knowing where transactions originate from. i may send a tx from my country but the first node that sends it to the miner may be an american and so on.
You forgive me if I believe Satoshi over this Guy who probably has a lot more to lose if People realize the truth. 
http://www.btcpedia.com/bitcoin-51-attack/
http://www.btcpedia.com/bitcoin-51-attack/
Quote
In his Bitcoin paper, Satoshi identified several issues, with the 51% attack being the greatest.
So what is the 51% attack? To understand that you have to understand how Bitcoin works. Essentially Bitcoin is a collection of nodes performing “virtual work”, the more work you do the higher your rating on the network. So what happens when malicious users get together and manage to do more “virtual work” than the “good people” ? Well that is the 51% attack, and it basically means you can wake up tomorrow with zero Bitcoins in your wallet. It means any business that accepts Bitcoins can get robbed and have all their goods taken with fake Bitcoins. It also means if they wanted, governments, large corporations or hackers can “shut down the network” by refusing to accept any new transactions. Complete network shutdown. Can’t do anything with your Bitcoins, neither can anyone else.
So what is the 51% attack? To understand that you have to understand how Bitcoin works. Essentially Bitcoin is a collection of nodes performing “virtual work”, the more work you do the higher your rating on the network. So what happens when malicious users get together and manage to do more “virtual work” than the “good people” ? Well that is the 51% attack, and it basically means you can wake up tomorrow with zero Bitcoins in your wallet. It means any business that accepts Bitcoins can get robbed and have all their goods taken with fake Bitcoins. It also means if they wanted, governments, large corporations or hackers can “shut down the network” by refusing to accept any new transactions. Complete network shutdown. Can’t do anything with your Bitcoins, neither can anyone else.
Unless you've only just received a transaction that turned out to be a double spend, it categorically does not mean "you can wake up tomorrow with zero Bitcoins in your wallet". That sentence feels decidedly melodramatic, if not completely misleading. They can't simply steal coins from other people’s wallets, no mater how much hashrate they acquire. You also have to remember that if any mining pool attempted anything malicious like that quote describes, everyone would know about it and it would be the last thing they ever did. Miners are looking for solid return on investment, which they can't get if they've been identified as malicious and become pariahs. No one would willingly stay involved with a such a party, so the perceived benefits of a successful attack would be entirely outweighed by the cost.
Also, the phrase "51% attack" itself is somewhat of a misnomer.
The entire topic is based on the predication that those contributing the offending hashrate:
- a) are not only all residing in the same borders, but also colluding
b) would willingly act as a hive mind and follow instructions from their government
c) are willing to accept the consequences of an attack which could put their financial future in jeopardy
Many would view this as unlikely, to put it mildly. Even one of those conditions would be a bit of a stretch, but all three? Take off the tinfoil hat, please.
https://en.bitcoin.it/wiki/F2Pool
F2Pool is a Chinese mining pool,
You know my links are to factual articles by people smarter than you stupid.
You post a little domain info and spout some BS and want people to believe you, sorry you are full of shit.
The US has many companies in different parts of the world, but the other branches follow the orders of the main US Office.
Why are you so Stupid ,
you can't see a company that calls itself a Chinese company can open branches in other countries, but will still follow the orders of their Main Chinese Office.
F2Pool owner is in Thailand - https://th.linkedin.com/in/wangchunF2Pool is a Chinese mining pool,
You know my links are to factual articles by people smarter than you stupid.
You post a little domain info and spout some BS and want people to believe you, sorry you are full of shit.
The US has many companies in different parts of the world, but the other branches follow the orders of the main US Office.
Why are you so Stupid ,
you can't see a company that calls itself a Chinese company can open branches in other countries, but will still follow the orders of their Main Chinese Office.
https://www.f2pool.com/regions
and over 92% of F2Pool Hash rate is directly from China.
Don't let franky1 BS fool you.
https://www.youtube.com/watch?v=GGwHIHBsjbU
Yes it's an interesting video but his hypothesis of gradual decentralization of mining is just that for now, a hypothesis. You could even go as far as saying it's wishful thinking.
OP is the one who is spreading BS with a wrong title. China has a little more dominance in hash power. It is true. But that is not a problem to Bitcoin. Hear it from Andreas...
https://www.youtube.com/watch?v=GGwHIHBsjbU
https://www.youtube.com/watch?v=GGwHIHBsjbU
LOL,
you do realize the YouTube Title ADMITS that BTC is Centralizes to China.
Bitcoin Q&A: Is the centralization of mining in China a problem?
(LOL, he thinks China will Lose their Control of BTC, it has been over a year and they have not lost it yet and never will!)
You forgive me if I believe Satoshi over this Guy who probably has a lot more to lose if People realize the truth.
http://www.btcpedia.com/bitcoin-51-attack/
Quote
In his Bitcoin paper, Satoshi identified several issues, with the 51% attack being the greatest.
So what is the 51% attack? To understand that you have to understand how Bitcoin works. Essentially Bitcoin is a collection of nodes performing “virtual work”, the more work you do the higher your rating on the network. So what happens when malicious users get together and manage to do more “virtual work” than the “good people” ? Well that is the 51% attack, and it basically means you can wake up tomorrow with zero Bitcoins in your wallet. It means any business that accepts Bitcoins can get robbed and have all their goods taken with fake Bitcoins. It also means if they wanted, governments, large corporations or hackers can “shut down the network” by refusing to accept any new transactions. Complete network shutdown. Can’t do anything with your Bitcoins, neither can anyone else.
So what is the 51% attack? To understand that you have to understand how Bitcoin works. Essentially Bitcoin is a collection of nodes performing “virtual work”, the more work you do the higher your rating on the network. So what happens when malicious users get together and manage to do more “virtual work” than the “good people” ? Well that is the 51% attack, and it basically means you can wake up tomorrow with zero Bitcoins in your wallet. It means any business that accepts Bitcoins can get robbed and have all their goods taken with fake Bitcoins. It also means if they wanted, governments, large corporations or hackers can “shut down the network” by refusing to accept any new transactions. Complete network shutdown. Can’t do anything with your Bitcoins, neither can anyone else.
FYI:
Of Course Andreas does not think it is a problem, because when everyone knows it is , He is out of Work.
Lots of people will Lie to keep from losing their jobs.
https://antonopoulos.com/
https://en.bitcoin.it/wiki/F2Pool
F2Pool is a Chinese mining pool,
You know my links are to factual articles by people smarter than you stupid.
You post a little domain info and spout some BS and want people to believe you, sorry you are full of shit.
The US has many companies in different parts of the world, but the other branches follow the orders of the main US Office.
Why are you so Stupid ,
you can't see a company that calls itself a Chinese company can open branches in other countries, but will still follow the orders of their Main Chinese Office.
F2Pool owner is in Thailand - https://th.linkedin.com/in/wangchunF2Pool is a Chinese mining pool,
You know my links are to factual articles by people smarter than you stupid.
You post a little domain info and spout some BS and want people to believe you, sorry you are full of shit.
The US has many companies in different parts of the world, but the other branches follow the orders of the main US Office.
Why are you so Stupid ,
you can't see a company that calls itself a Chinese company can open branches in other countries, but will still follow the orders of their Main Chinese Office.
https://www.f2pool.com/regions
and over 92% of F2Pool Hash rate is directly from China.
Don't let franky1 BS fool you.
https://www.youtube.com/watch?v=GGwHIHBsjbU
Are you intending that the Chinese miners already have control of more than 51% of the Bitcoin hashing power? If they already have so much of the mining power in hand what's already stopping them from creating their own fork of Bitcoin blockchain, mining that and reversing transactions on the blockchain? They could also then currently have the power to prevent confirmations of transactions. I honestly don't think that's possible unless all the chinese miners come to a consensus of doing so and that they have about 51% of the hash power with them. Also would be nice to know what's a way to counter this type of an attack?
Read the Links in my posts, they are news articles stating China has over 51%, not opinions.
If this is true and they really control more than %51 of the hash power, then bitcoin is not decentralized anymore. They can crash the system just by pressing "the red button". On the other hand, that may be a good thing too. Since they own it, they wouldn't want to ruin it. What will they gain out of it? They will just lose money if anything happens to bitcoin.
Bingo , You Got it.
BTC has been Centralized for over a Year.
They will Manipulate it for whatever agenda they see fit, even possibly in a tariff war with the US.
FYI:
Proof of Work Coins like BTC , have No Defense from 51% attacks, it is and always has been a major design flaw, first warned about by Satoshi himself.
http://www.btcpedia.com/bitcoin-51-attack/
https://en.bitcoin.it/wiki/F2Pool
F2Pool is a Chinese mining pool,
You know my links are to factual articles by people smarter than you stupid.
You post a little domain info and spout some BS and want people to believe you, sorry you are full of shit.
The US has many companies in different parts of the world, but the other branches follow the orders of the main US Office.
Why are you so Stupid ,
you can't see a company that calls itself a Chinese company can open branches in other countries, but will still follow the orders of their Main Chinese Office.
F2Pool owner is in Thailand - https://th.linkedin.com/in/wangchunF2Pool is a Chinese mining pool,
You know my links are to factual articles by people smarter than you stupid.
You post a little domain info and spout some BS and want people to believe you, sorry you are full of shit.
The US has many companies in different parts of the world, but the other branches follow the orders of the main US Office.
Why are you so Stupid ,
you can't see a company that calls itself a Chinese company can open branches in other countries, but will still follow the orders of their Main Chinese Office.
https://www.f2pool.com/regions
and over 92% of F2Pool Hash rate is directly from China.
Don't let franky1 BS fool you.
If this is true and they really control more than %51 of the hash power, then bitcoin is not decentralized anymore. They can crash the system just by pressing "the red button". On the other hand, that may be a good thing too. Since they own it, they wouldn't want to ruin it. What will they gain out of it? They will just lose money if anything happens to bitcoin.
Are you intending that the Chinese miners already have control of more than 51% of the Bitcoin hashing power? If they already have so much of the mining power in hand what's already stopping them from creating their own fork of Bitcoin blockchain, mining that and reversing transactions on the blockchain? They could also then currently have the power to prevent confirmations of transactions. I honestly don't think that's possible unless all the chinese miners come to a consensus of doing so and that they have about 51% of the hash power with them. Also would be nice to know what's a way to counter this type of an attack?
Each of those articles were at different dates stupid.
So the % varied, but they were all over 51% ,
China has had Over 51% for more than a Year, which each of those articles Prove
So the % varied, but they were all over 51% ,
China has had Over 51% for more than a Year, which each of those articles Prove
Guys, calm down a little, please
The question is not so much about what exact percentage of hashing power the Chinese miners are controlling at the moment, though everything shows that they do already control substantially over 51% of it. In any case, the Chinese government can at any moment pour enough resources (which they have with a vengeance) into mining if they think it worth the effort, and grab as much hashing power as they see appropriate. The questions which I think worthy of debating here are as follows:
1. Could the miners potentially make the transactions coming from the US substantially more expensive than all other transactions, or even totally discard them?
2. Is it ever possible to circumvent such discrimination should it happen for real, and if it is doable, what can be done exactly?
Let's assume that the Chinese authorities do control Bitcoin mining, and they are eager to retaliate in the way I described (e.g. through raising fees)
1. Could the miners potentially make the transactions coming from the US substantially more expensive than all other transactions, or even totally discard them?
Easily thru approved address lists, any address not approved would be charged the higher rate.
2. Is it ever possible to circumvent such discrimination should it happen for real, and if it is doable, what can be done exactly?
Sadly No, China is the main Industrialize Nation of the world , the Main Fork they will Control Forever.
The rest of the world could create a new hard fork , and fork away from them, but since they are the main ASICS manufacturers, they will easily be able to take over than fork too.
Their is only 1 way to remove their control, that is to remove ASICS from the equation,
Proof of Stake is ASICS resistant and even if someone owes 51% of a PoS Coin, as long as it has over 15 days between staking , they will not have control long enough to block transactions more than a short amount of time. As with PoS Mining % is always in a flux state from one stake to the next.
(Any way that is my solution, maybe so one will come up with another one.)
Can we stop arguing about something that never happened before and - as I see it - has very slim chance of happening.
Because this thread become another battlefield for people who think that China controls bitcoin and why it is bad for everyone else.
I wan't to know:
1. Is it possible to reject only US transactions?
2. Why Chinese miners would want to risk it? After general public would learn that they done something like that it a huge shitstorm would start, effectively destroying Bitcoin price.
Because this thread become another battlefield for people who think that China controls bitcoin and why it is bad for everyone else.
I wan't to know:
1. Is it possible to reject only US transactions?
2. Why Chinese miners would want to risk it? After general public would learn that they done something like that it a huge shitstorm would start, effectively destroying Bitcoin price.
https://en.bitcoin.it/wiki/F2Pool
F2Pool is a Chinese mining pool,
You know my links are to factual articles by people smarter than you stupid.
You post a little domain info and spout some BS and want people to believe you, sorry you are full of shit.
The US has many companies in different parts of the world, but the other branches follow the orders of the main US Office.
Why are you so Stupid ,
you can't see a company that calls itself a Chinese company can open branches in other countries, but will still follow the orders of their Main Chinese Office.
F2Pool owner is in Thailand - https://th.linkedin.com/in/wangchun F2Pool is a Chinese mining pool,
You know my links are to factual articles by people smarter than you stupid.
You post a little domain info and spout some BS and want people to believe you, sorry you are full of shit.
The US has many companies in different parts of the world, but the other branches follow the orders of the main US Office.
Why are you so Stupid ,
you can't see a company that calls itself a Chinese company can open branches in other countries, but will still follow the orders of their Main Chinese Office.
Guys, please calm down a little
The question is not so much about what exact percentage of hashing power the Chinese miners are controlling at the moment, though everything shows that they already control substantially over 51% of it. In any case, the Chinese government can at any moment pour enough resources (which they have with a vengeance) into mining if they think it worth the effort, and grab as much hashing power as they see appropriate. The questions which I think worthy of debating here are as follows. First, could the miners potentially make the transactions coming from the US substantially more expensive than all other transactions, or even totally discard them? And, second, is it ever possible to circumvent such discrimination should it happen for real, and if it is doable, how can it be done exactly?
Let's assume for a moment that the Chinese authorities do control Bitcoin mining, and they are eager to retaliate in the way I described (e.g. through raising fees)
The question is not so much about what exact percentage of hashing power the Chinese miners are controlling at the moment, though everything shows that they already control substantially over 51% of it. In any case, the Chinese government can at any moment pour enough resources (which they have with a vengeance) into mining if they think it worth the effort, and grab as much hashing power as they see appropriate. The questions which I think worthy of debating here are as follows. First, could the miners potentially make the transactions coming from the US substantially more expensive than all other transactions, or even totally discard them? And, second, is it ever possible to circumvent such discrimination should it happen for real, and if it is doable, how can it be done exactly?
Let's assume for a moment that the Chinese authorities do control Bitcoin mining, and they are eager to retaliate in the way I described (e.g. through raising fees)
lol
a wiki link (facepalm)
research properly
try your hand at the realisation that BW / bitbank / antpool have farms in mongolia
f2pool have farms all over the world
bitfury have farms predominantly in georgia, finland iceland
etc
so hash power is not all chinese!!
do some number crunching
they are also not administrated in china.
do some number crunching
then come back with some actual rational, realistic and factual numbers
have a nice day
a wiki link (facepalm)
research properly
try your hand at the realisation that BW / bitbank / antpool have farms in mongolia
f2pool have farms all over the world
bitfury have farms predominantly in georgia, finland iceland
etc
so hash power is not all chinese!!
do some number crunching
they are also not administrated in china.
do some number crunching
then come back with some actual rational, realistic and factual numbers
have a nice day
So is someone paying you to spread these lies, or are you just a dumbass?
FYI:
I posted numerous articles from different sources, all stating China has over 51% control of BTC.
franky1 is a Shrill , trying to trick everyone into believing China does not have that control,
the only problem from the fact that he is stupid , is the facts of all of the articles by different people stating China has over 51%.
I guess my only real question, is there anyone stupid enough to believe franky1 (the Liar) over all of the new articles?
Doubt it, but time will tell.
lol
a wiki link (facepalm)
research properly
try your hand at the realisation that BW / bitbank / antpool have farms in mongolia
f2pool have farms all over the world
bitfury have farms predominantly in georgia, finland iceland
etc
so hash power is not all chinese!!
do some number crunching
they are also not administrated in china.
do some number crunching
then come back with some actual rational, realistic and factual numbers
have a nice day
a wiki link (facepalm)
research properly
try your hand at the realisation that BW / bitbank / antpool have farms in mongolia
f2pool have farms all over the world
bitfury have farms predominantly in georgia, finland iceland
etc
so hash power is not all chinese!!
do some number crunching
they are also not administrated in china.
do some number crunching
then come back with some actual rational, realistic and factual numbers
have a nice day
https://www.f2pool.com/regions
F2Pool Lists the Hash Rate from each Country ASSHAT
Bitcoin China 92.79%
Want to call them Racist next?
I know sad to be stupid calling stuff racist is all you got.
FYI:
If you look at the above and still Lie, well you're just a liar and logic can't reach you.
China Controls BTC.
F2Pool Lists the Hash Rate from each Country ASSHAT
Bitcoin China 92.79%
Want to call them Racist next?
I know sad to be stupid calling stuff racist is all you got.
FYI:
If you look at the above and still Lie, well you're just a liar and logic can't reach you.
China Controls BTC.
55%
60%
70%
51%, 55% 60%, 70% 90%
your just making up numbers
in just 13 hour you have been throwing out random numbers backed by no researched evidence. but instead quoting others who have not actually researched.
quoting an article that quotes an article is not proof.
go research properly
f2pool. has ZERO chinese government influence.
hashpower not in china, servers not in china administrators not in china domain not in china.
so discount f2pools from your random number
bitfury. has ZERO chinese government influence.
hashpower not in china, servers not in china administrators not in china domain not in china.
so discount bitfury from your random number
actually do the research beyond biased human opinion. look at where the adminstrators are, servers and actual hashpower.
and come back with a factual number that doesnt change 4 times in 13 hours
Everybody can see the actual numbers here:
https://blockchain.info/pools
And a quick search will indicate you where each pool belongs.
https://en.bitcoin.it/wiki/F2Pool
F2Pool is a Chinese mining pool,
You know my links are to factual articles by people smarter than you stupid.
You post a little domain info and spout some BS and want people to believe you, sorry you are full of shit.
The US has many companies in different parts of the world, but the other branches follow the orders of the main US Office.
Why are you so Stupid ,
you can't see a company that calls itself a Chinese company can open branches in other countries, but will still follow the orders of their Main Chinese Office.
F2Pool is a Chinese mining pool,
You know my links are to factual articles by people smarter than you stupid.
You post a little domain info and spout some BS and want people to believe you, sorry you are full of shit.
The US has many companies in different parts of the world, but the other branches follow the orders of the main US Office.
Why are you so Stupid ,
you can't see a company that calls itself a Chinese company can open branches in other countries, but will still follow the orders of their Main Chinese Office.
[waffle and showing no technical proof]
[just shouting china many times]
[just shouting china many times]
vs
china has less hash power then you think
BW.. are in mongolia aswell as other locations
haobtc.. are in tibet aswell as other locations
BTCC.. are around the world
bitfury.. are in Finland, Iceland, and the Republic of Georgia.
f2pool.. world wide miners
put down your racist hats and put on some research glasses
take f2pool. largest pool there is..
its hashpower is spread out across the world. its stratum servers are spread across the world.
even the guy that runs the pool is not even in china
he is in thailand
Admin Name: Wang Chun
Admin Organization: F2Pool
Admin Street: Soi Naklua 16, Naklua Sub-District,,
Admin City: Banglamung
Admin State/Province: Chonburi
Admin Postal Code: 020150
Admin Country: TH
Admin Phone: +66.973040750
Admin Phone Ext:
Admin Fax:+66.973040750
Admin Fax Ext:
Admin Email: [email protected]
BW.. are in mongolia aswell as other locations
haobtc.. are in tibet aswell as other locations
BTCC.. are around the world
bitfury.. are in Finland, Iceland, and the Republic of Georgia.
f2pool.. world wide miners
put down your racist hats and put on some research glasses
take f2pool. largest pool there is..
its hashpower is spread out across the world. its stratum servers are spread across the world.
even the guy that runs the pool is not even in china
he is in thailand
Admin Name: Wang Chun
Admin Organization: F2Pool
Admin Street: Soi Naklua 16, Naklua Sub-District,,
Admin City: Banglamung
Admin State/Province: Chonburi
Admin Postal Code: 020150
Admin Country: TH
Admin Phone: +66.973040750
Admin Phone Ext:
Admin Fax:+66.973040750
Admin Fax Ext:
Admin Email: [email protected]
to add:
bitfury
http://bitfury.com/contacts
Quote
Amsterdam Office
Spaces Zuidas
Barbara Strozzilaan 201 1083
HN Amsterdam. The Netherlands
San Francisco Office
456 Montgomery St., Suite 1350
San Francisco, CA 94104
United States
Washington DC Office
600 Pennsylvania Avenue
Suite 300
Washington, D.C. 20003
London Office
Level39
One Canada Square
Canary Wharf, London, E14 5AB
Spaces Zuidas
Barbara Strozzilaan 201 1083
HN Amsterdam. The Netherlands
San Francisco Office
456 Montgomery St., Suite 1350
San Francisco, CA 94104
United States
Washington DC Office
600 Pennsylvania Avenue
Suite 300
Washington, D.C. 20003
London Office
Level39
One Canada Square
Canary Wharf, London, E14 5AB
51%, 55% 60%, 70%
your just making up numbers
in just 8 hour you have been throwing out random numbers backed by no researched evidence. but instead quoting others who have not actually researched.
quoting an article that quotes an article is not proof.
go research properly
f2pool. has ZERO chinese government influence.
hashpower not in china, servers not in china administrators not in china domain not in china.
so discount f2pools from your random number
bitfury. has ZERO chinese government influence.
hashpower not in china, servers not in china administrators not in china domain not in china.
so discount bitfury from your random number
actually do the research beyond biased human opinion. look at where the adminstrators are, servers and actual hashpower.
and come back with a factual number that doesnt change 4 times in 8 hours
your just making up numbers
in just 8 hour you have been throwing out random numbers backed by no researched evidence. but instead quoting others who have not actually researched.
quoting an article that quotes an article is not proof.
go research properly
f2pool. has ZERO chinese government influence.
hashpower not in china, servers not in china administrators not in china domain not in china.
so discount f2pools from your random number
bitfury. has ZERO chinese government influence.
hashpower not in china, servers not in china administrators not in china domain not in china.
so discount bitfury from your random number
actually do the research beyond biased human opinion. look at where the adminstrators are, servers and actual hashpower.
and come back with a factual number that doesnt change 4 times in 8 hours
You know there is an old saying,
It is better to keep quiet, than to open your mouth and show how stupid you really are.
And you keep proving how stupid you are every time you type.
Each of those articles were at different dates stupid.
So the % varied, but they were all over 51% ,
China has had Over 51% for more than a Year, which each of those articles Prove.
Where as with you , we have nothing but the word of a Want-a-be Lying Ass Real Estate Attorney, that has nothing but B.S verses factual articles by many different & more intelligent sources than you.
Oh, but you do call everything racist to try and hide the fact, you're just stupid.
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